Annual Report 2021


United spirit …
bold ambition

Dear friends of IMD,

In 2021, we were deeply proud to celebrate 75 years of IMD as a pioneer and responsible global leader in executive education and research.

This long-held combination of innovation and courage – as we say today, to challenge what is and inspire what could be – not only anchored the institution during the unprecedented shockwaves of the pandemic, it enabled a rapid response that has carved out new opportunities and greater impact.


In what was another challenging year, the board was impressed by the commitment and united spirit of the IMD faculty and team, led by President Jean-François Manzoni. We continued to invest with bold ambition to build a diverse, technology-enabled offering for a new era, rather just waiting for the storm to subside.

COVID-19 has transformed our world, and the field of executive education with it. Out of this crucible of change, IMD has reinvented itself to lead, building on the proud legacy of its early pioneers and accelerating many of the strategic innovations in motion before the pandemic.

We believe this refined approach, where technology has been harnessed for deeper impact not just continuity, will secure and strengthen IMD’s position in the top tier of the future of executive education, research and degree programs.

This bold and successful pivot only tells half of the story. We were also encouraged to see IMD further define and live its purpose as an agent of positive change.

There is great responsibility in developing leaders who transform organizations and contribute to society, and IMD is leading the way in what business schools can do to help shape a more prosperous, inclusive and sustainable future.

From pioneering collaborations such as E4S and Business Schools for Climate Leadership to new sustainability-focused programs and greater capacity for research into themes such as social innovation, IMD has positioned itself as a thought leader and trusted partner in the critical challenges of today and tomorrow.

These efforts are already bearing fruit. In 2021, we saw strong signs that IMD was returning to its pre-pandemic levels of performance and that the strategic decisions made during the pandemic will unlock new growth and new markets.

As we steer a path to this brighter future, we would like to say a heartfelt thank you to our entire community for its ongoing support and trust in what remains a tough environment. We look forward to continuing to deliver real learning and real impact in partnership with you.

Michel Demaré
Chairman, Foundation and Supervisory Boards
Hanne de Mora
Vice Chairperson, Foundation and Supervisory Boards